- Nigeria’s Federal Government has committed N60 billion in 2024 to ensure the planned cutting of emissions.
- Minister of State for Environment noted that climate change is not just an environmental issue but also a developmental issue in Nigeria.
Nigeria’s Federal Government has committed N60 billion in 2024 to ensure that the planned cutting of emissions to net zero by 2060 is achieved.
Minister of State for Environment, Dr. Iziak Salako, announced this in Abuja at the Inter-Ministerial Committee on Climate Change Meeting (ICCC) on the Green Bond Programme.
He noted that this has come with a huge implication of the need for continuous and successful implementation of Nigeria’s Green Bond Programme for green capital projects.
Salako said: “Following the successful issuances of N25.69bn in the maiden and second issuances, we have agreed to incremental year-to-year issuance from 2024 to 2027. 2024 will begin with a larger issuance of N60 billion for the implementation of green projects that can contribute significantly to the country’s low emission target.
“It is worth noting that the third issuance is dependent on the collaboration of stakeholders doing the right thing, especially as related to developing the green budget items some of you will present today for consideration. We must ensure the efficiency of resource allocation and utilisation to priority projects, especially the green Projects for Sovereign Green Bond Issuance.”
He noted that climate change is not just an environmental issue in Nigeria. It is a developmental issue which has enormous economic and social consequences.
He said: “We need to understand the magnitude of the economic, social and ecological challenges that confront us. The Green Bond issuance has become part of our climate experience. In this regard, we shall continue to draw strength and lessons from one another as we proceed in the nation’s low-carbon pathway through the Green Bond process.”
The Permanent Secretary, Ministry of Environment, Mahmud Kambari in his part said the successful maiden and follow-up issuances of the Sovereign Green Bond to the tune of NGN25.69 billion have funded projects across five priority sectors of Environment, Energy, Agriculture, Transport and Water.
He noted that the projects funded from the proceeds of the bond provided clear and quantifiable environmental benefits, including 12.5W of Renewable Energy generation, over 2,000ha of afforestation/reforestation programmes and an estimated emission reduction potential of 33,504 tonnes of carbon dioxide equivalent per annum in Nigeria.
He, however, said, “There have been some challenges militating against the effective implementation of the Green Bonds. These are issues related to the delay and non-implementation of some projects under the second issuance by benefitting MDAs and must not repeat themselves as we prepare the 3rd Sovereign Green Bond Issuance.”